Petrobras, Shell consortium adds to existing offshore Brazil presalt interests

Petróleo Brasileiro SA (Petrobras) and Shell Brasil Petróleo Ltda., a subsidiary of Shell plc, have acquired additional interest in two Petrobras-operated presalt oil projects offshore Brazil following an auction of uncontracted areas in Mero and Atapu shared fields led by Pré-Sal Petróleo SA (PPSA), a government entity established to oversee regional oil and gas production sharing contracts.

The consortium formed by the two energy majors acquired PPSA’s 3.5% participation in Mero production sharing agreement and 0.95% interest in Atapu, the companies said in separate releases Dec. 4.

PPSA's 0.833% interest in Tupi was offered but not sold, PPSA said. 

With the deal, Petrobras increases its participation in the Mero shared reservoir to 41.40% from 38.60%, and in the Atapu shared reservoir to 66.38% from 65.687%.

Petrobras and Shell, already partners in the fields prior to this agreement, will together pay about $1.657 billion for the additional interests. Petrobras is expected to pay about $1.314 billion in December 2025. Shell will pay about $50.5 million Atapu and $293.4 million for Mero.

Shell’s participating interest in Atapu will increase to 16.917% from 16.663% and to 20% from 19.3% in Mero.

The contracts will be signed by March 2026 and increased work interest is expected to take effect from 2027.

Mero, Atapu presalt oil projects

The Santos Basin Mero oil project is developed through four floating production, storage, and offloading vessels (FPSOs). The FPSO Guanabara (Mero-1), the FPSO Sepetiba (Mero-2), the FPSO Marechal Duque de Caxias (Mero-3), and FPSO Alexandre de Gusmão (Mero 4) came online in 2022, 2023, 2024, and 2025, respectively. In total, the four FPSOs and an Early Production System have a combined gross installed production capacity of 770,000 b/d.

The Santos Basin Atapu oil project started production in 2020 through the 150,000-b/d capacity P-70 FPSO. A second FPSO (P-84), with a production capacity of 225,000 b/d, is currently under construction. 

Shell's expansion in Brazil 

The added interest expands Shell's position in Brazil, where it stands as the second largest oil and gas producer behind Petrobras, and comes on the heels of the November signing of concession contracts acquired in the 5th Cycle of the ANP's Permanent Offer held in June, consolidating Shell's position in the Santos basin and growing its presence in Brazil's deepwater sector. 

With those concessions, Shell expanded its portfolio to 72 oil and gas contracts in Brazil, according to Lúcio Prevatti, general manager of exploration, development, and subsurface at Shell Brazil.